I just came across a report released by Southern Cross Equities...

I just came across a report released by Southern Cross Equities in September 2009 re Aquila Resources (AQA) of which TAW have a 7% stake.

Point 5 there states:

"Aquila are looking at the possibility of a sell down of up to 23% of the Avontuur Manganese Project which may realise up to $100M (company's estimate)".

In my opinion that sell down is debateable, but the most interesting thing there is that they are assigning a $100M value for it's 23% stake, meaning TAW's 7% is worth over $30M !